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Econ 3010: Intermediate Price Theory (Microeconomics) Professor Dickinson Appalachian State University Lecture Notes Outline— Section 3
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Game Theory Simultaneous Move Games Dominant Strategies Nash Equilibrium Mixed Strategies Sequential Move Games
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Uncertainty Expected Utility Risk preferences Risk aversion, risk neutrality, risk-loving Example: Demand for Insurance Example: wage negotiations
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Exchange and Efficiency The Edgeworth Box Market Trade First and Second Welfare Theorems of Economics
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Production and General Equilibrium The Robinson Crusoe Economy Production and consumption What if more goods exist? Production and Edgeworth Exchange
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Public Goods Simple externalities and Coase Theorem Provision of Public goods of various sizes or quality Free-riding Voting and the Paradox of voting
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Asymmetric Information A lemons market Adverse Selection and Moral Hazard Signaling as a solution Education Example
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